Mortgage

Mike2006

Hi,

I have 2 mortgages.
1 on a tracker and the other variable. Different banks.

I am selling the property on the tracker.
Is there any way of paying off the variable mortgage with the sale of the tracker house?

Thanks,

Mike.

BuffyBot

Variable rate mortgages generally let you pay off anytime without a penalty.

phormium

Two different houses? You are selling one which has the tracker loan but want to pay off the mortgage on the other house with the funds, is this correct?

If so then no you can't do that as you will be unable to complete the sale of the property with the tracker because the bank won't release the deeds without confirmation that the mortgage will be cleared.

chris85

Exactly what do you want to do in reality. You have two mortages, one tracker and one variable. You want to sell the property with the tracker on it but keep paying the tracker mortgage and just clear the variable mortgage? If so, no cant be done!

If you sell the tracker house and have some left over cash from the sale after mortgage cleared (this will have to be done as bank wont release deeds otherwise) you can pay a lump sum off the variable rate mortgage with no penalty as its a variable product.

lollyb85

hi guys im looking for some advice
.... my fiance and i are after fnding a house we love to buy. we will b tryin to borrow roughly 150000. we have deposit being gifted to us.i am a social care worker on a temporary contract but at the moment ders chance of me gettin permanent. my fiance is workin in a permanent full time job. we have only been saving 3 months consistently, but between rent and savings we are saving 1200 monthly and are able to live very comfortably off our current accounts. we are also both in our mid 20s. would der b a chance of gettin a mortgage? we were told in jan that once one of us was permanent and that i culd continue on in the same job but on different contracts that there shouldnt be a problem.. so worried that this may come against us. otherwise we are well capable of paying a mortgage and living comfortably. any1 in similar situation.... need advice!!

handlemaster

lollyb85 wrote: »

hi guys im looking for some advice
.... my fiance and i are after fnding a house we love to buy. we will b tryin to borrow roughly 150000. we have deposit being gifted to us.i am a social care worker on a temporary contract but at the moment ders chance of me gettin permanent. my fiance is workin in a permanent full time job. we have only been saving 3 months consistently, but between rent and savings we are saving 1200 monthly and are able to live very comfortably off our current accounts. we are also both in our mid 20s. would der b a chance of gettin a mortgage? we were told in jan that once one of us was permanent and that i culd continue on in the same job but on different contracts that there shouldnt be a problem.. so worried that this may come against us. otherwise we are well capable of paying a mortgage and living comfortably. any1 in similar situation.... need advice!!

Just a cursory note you are saving for 3 months only. Id leave it for at lease 6 months anyhow it doesnt show much commitment so far.

lollyb85

ye i was thinking that would be a problem. i was working for 10 years previously while attending college and couldnt afford to save much as my partner did not work for 3 yrs. it is only now we are in a good position to save very comfortably. i guess the fact we have been paying rent for the last 4 years without missing payments wont mean anything without long term savings..

handlemaster

lollyb85 wrote: »

ye i was thinking that would be a problem. i was working for 10 years previously while attending college and couldnt afford to save much as my partner did not work for 3 yrs. it is only now we are in a good position to save very comfortably. i guess the fact we have been paying rent for the last 4 years without missing payments wont mean anything without long term savings..

im no expert but I dont think they will even entertain a deposit as a gift anymore. Prices will continue to go down for another while.

lollyb85

ye. thanks for knowledge. we are in no rush anyway at the moment just a lovely house with all done. if we have to wait we have to wait..

Leadan

lollyb85 wrote: »

hi guys im looking for some advice
.... my fiance and i are after fnding a house we love to buy. we will b tryin to borrow roughly 150000. we have deposit being gifted to us.i am a social care worker on a temporary contract but at the moment ders chance of me gettin permanent. my fiance is workin in a permanent full time job. we have only been saving 3 months consistently, but between rent and savings we are saving 1200 monthly and are able to live very comfortably off our current accounts. we are also both in our mid 20s. would der b a chance of gettin a mortgage? we were told in jan that once one of us was permanent and that i culd continue on in the same job but on different contracts that there shouldnt be a problem.. so worried that this may come against us. otherwise we are well capable of paying a mortgage and living comfortably. any1 in similar situation.... need advice!!

Hi Lollyb85

My partneer & I have been trying for four years to get a mortgage (we are also both in our 20's), with him being in & out of work, changing from full time to part time etc. We were told to come back to them on several occasions because we both needed full time permanent jobs. Luckily over these four years we have accumulated quite a large amount of savings and thankfully my other half is now in permanent full time work! Yay! So we have been approved in principle just waiting for the final paper work signings etc which I have been told can take weeks. In order for them to approve us they wanted proof of what savings we have been putting by & how much via bank / credit union statements. Really grilled us on getting as much info as possible as to where our money came from! My suggestion is book an app with an advisor, easiest way to find out what you need.

Best of luck, it is a very exciting but stressful time :rolleyes::D

efbeef

hey guys,

Just said I put it out there have I a chance of gettin a mortgage. Im in my mid 20's and want to buy on my own. I have 20 thousand in saving and have been saving 1000 euro a month for the last 5months. Im a nurse (currently working in research) public sector however it is contract ie. renewed year on year. Only debts I have is my 4,500 I still owe on my car.Id say Id say the banks will run will they??

Would appreciate help

lollyb85

hi leadan,
lucky enough we have all rady to go. for starters we are ok for savings cus we have been paying rent. i have been put as permanent worker, my own mistake as i am permanent in my line of work just am in a different area of service and am temp there. our advisor in the bank was v impressed and positive and even rang us 2 see how our house price negotiating was going so we could get the ball rolling. problem now is not the mortgage its the man who is playing us around tryin to squeeze as much money as possible out of us.. hope all goes well with u. it is an exciting time if all goes well

Leadan

Ah sure thats great! Ye fingers crossed, hope all works out for you also! These are definitely stressful but exciting times!

Trhiggy83

http://www.drcalculator.com/mortgage/

Just for anyone that needs it.

I was looking at the cost of mortgages for 100k approx and didnt realise you nearly pay back twice as much roughly..... scared the shyte of me

Leadan

Trhiggy83 wrote: »

http://www.drcalculator.com/mortgage/

Just for anyone that needs it.

I was looking at the cost of mortgages for 100k approx and didnt realise you nearly pay back twice as much roughly..... scared the shyte of me

Hey

I agree Mortgages are a scary thing, nice to think that after a lifetime of paying back I met get to live to the age where I can say that I officially own my house haha :rolleyes::D The intersest is crazy and very stressfull to think that after a hell of a lot of repayments you have barely covered the interest let alone the actual mortgage repayments! The banks make things so hard for us I feel like sticking two fingers up and telling them to shove it, if only life was that easy . Now thats my rant over!